A Lot of Stimulus Goes a Little Way

Remember this speech from Daniel Hannan that American Thinker posted last week? The speech garnered worldwide acclaim. It may also have changed a few minds.

According to the UK Times a lot of European leaders have suddenly rethought British Prime Minster Gordon Brown’s plan to spend Europe out of the recession with borrowed money:

Angela Merkel, the German chancellor, last night led the assault on the prime minister’s “global new deal” for a $2 trillion-plus fiscal stimulus to end the recession.“I will not let anyone tell me that we must spend more money,” she said.

The Spanish finance minister, Pedro Solbes, also dismissed new cash being pledged at Thursday’s London summit. “In these conditions I and the rest of my colleagues from the eurozone believe there is no room for new fiscal stimulus plans,” he said....

The assault by European Union leaders also represents a defeat for President Barack Obama, who is desperate for other big economies to copy his $800 billion stimulus plan.

Remember this speech from Daniel Hannan that American Thinker posted last week? The speech garnered worldwide acclaim. It may also have changed a few minds.

According to the UK Times a lot of European leaders have suddenly rethought British Prime Minster Gordon Brown’s plan to spend Europe out of the recession with borrowed money:

Angela Merkel, the German chancellor, last night led the assault on the prime minister’s “global new deal” for a $2 trillion-plus fiscal stimulus to end the recession.“I will not let anyone tell me that we must spend more money,” she said.

The Spanish finance minister, Pedro Solbes, also dismissed new cash being pledged at Thursday’s London summit. “In these conditions I and the rest of my colleagues from the eurozone believe there is no room for new fiscal stimulus plans,” he said....

The assault by European Union leaders also represents a defeat for President Barack Obama, who is desperate for other big economies to copy his $800 billion stimulus plan.